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Macroeconomic outlook report: Spain

First quarter of 2019

During the first quarter of 2019, year-over-year GDP growth increased by 0.04 p.p. to 2.37%. External demand drove GDP growth this quarter. In the labor market, the unemployment rate rose by 0.25 p.p. compared to the previous quarter, to 14.70%. On the other hand, employment registered a year-over-year growth of 3.16% this quarter, 0.18 p.p. higher than in 4Q18. In terms of prices, inflation stood at 1.13%, after a quarterly decline of 0.60 p.p. Regarding the exchange rate, the euro stagnated against the dollar in 1Q19, remaining at 1.14 $/€.

Macroeconomic overview

  • In 1Q19, the Spanish economy registered growth of 2.37%, an acceleration of 0.04 p.p. compared to 4Q18.
  • External demand boosted GDP growth, due to the higher adjustment of imports y/y growth (-2.13 p.p. to -0.45%) than that of exports (from -1.01 p.p. to 0.03%).
  • The unemployment rate stood at 14.70% during the first quarter, after an increase of 0.25 p.p. over the previous quarter, while the year-over-year growth rate of employment stood at 3.16% after an acceleration of 0.18 p.p.
  • The euro stagnated against the dollar during 1Q19, remaining at an average exchange rate of 1.14 $/€.
  • With regard to inflation, in 1Q19 CPI growth stood at 1.13%, after a quarterly decline of 0.60 p.p.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).

© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.